Backing for MBO of Oxford broker.
Barclays Private Equity has backed the management of Oxford-based broker A-Plan in a buy-out of the business, as revealed by insurancetimes.co.uk on Tuesday.
Under the deal, the A-Plan management has taken control of 32% of the equity in the businesses as it seeks to maintain its independence in the face of the current consolidation craze. Barclays owns the remaining 68%.
A-Plan chief executive Carl Shuker said: “We see the management buy-out as the logical next step in the development of the business. It maintains our ongoing independence.”
Shuker declined to reveal the broker’s GWP. It specialises in personal lines and has 54 branches across the South, employing around 500 staff.
Owen Clarke, managing director of Barclays Private Equity, said: “In a world where service is increasingly remote, delivered through call centres and the internet, customers value A-Plan’s local, face-to-face, model.
“A-Plan’s impressive growth is testament to the success of this approach. We look forward to supporting the team in building on that success.”